Goldman Sachs just downgraded its rating for Ford Motor to neutral from buy. » Read More
As the bankruptcy hearings about creating a new Chrysler pick up steam in New York, it's becoming crystal clear how quickly the Federal Government wants to re-structure the ailing auto maker.
Historically and on average, the U.S. Markets have been relatively positive on Cinco de Mayo, a regional holiday in Mexico that is celebrated by many Americans. Here are the numbers...
Last Friday, as most people focused on Chrysler going bankrupt, making its first appearance in bankruptcy court and the mounting questions about whether its future was bright or bleak, Honda moved a little higher. It was typical Honda done with little fanfare. The "Steady-Eddie" of the car business moved past Chrysler to become number 4 in U.S. auto sales this year.
When the bottom fell out of the auto industry late last year, we all knew that Chrysler was losing gobs of money. Heck, last December on Capitol Hill Chrysler CEO Bob Nardelli said that his company was burning through a billion dollars of capital a month. That said, when you see Chrysler lost $16.8 Billion last year, you have to stop and ponder the enormity of that loss.
It's a gutsy move. If it works out, he will be called a genius. If it doesn't, critics will say he tried to bite off more than he could chew. Either way, Sergio Marchionne is clearly on center stage for an auto industry in turmoil. Whether or not his performance leads to rave reviews is very much up in the air, but so far he's hitting all the right notes.
Stocks eked out a gain after a rocky session Friday as investors weighed some encouraging economic reports against gloomy earnings.
Both the Dow and S&P continued their march higher on Friday as surging oil prices drove up energy shares.
Chrysler's sales in the U.S. for April were down 48 percent. The now bankrupt automaker sold 76,682 total vehicles versus 147,751 a year ago. Despite the big declines, all the numbers were well above forecasts.
The S&P was trading sideways around lunchtime Friday with investors booking gains on this first day of May rather than betting the run in stocks will continue.
Stocks had a wobbly start to the morning Friday as investors weighed some encouraging economic reports against gloomy earnings.
You cover enough bankruptcies, you get used to the strange and painful routine. Closing the plants, targeting the jobs to be cut, and outlining how a company in Chapter 11 will be filed in court papers and pretty clear from the beginning. In other words, the cutting and paring of costs is the easy part. It's the re-building and changing of the company that is the tough part.
Stocks ended flat for the day as news of a Chrysler bankruptcy filing quashed the day's gains, but logged solid gains for the month of April.
Stocks opened higher Thursday as investors took heart from signs of recovery in the economy and the Federal Reserve's statement that the economic outlook was improving.
Over the last two weeks one of the more intriguing (and downright scary to some people) suggestions is the idea of the auto task force killing the Chrysler brand. I'm not talking about the Chrysler corporation, but simply the Chrysler brand. Three months ago that idea would have been roundly dismissed as "crazy talk", not anymore.
As of yesterday, over 40% of the S&P 500 companies have reported earnings. Here's a look at which companies have had the biggest surprises so far...
GM CEO Fritz Henderson is a straight shooter. It's one of the things about him that I like. That said, how many of us believe the man when he says GMs latest restructuring plan is the final "fix" for the auto maker? Count me among those who are skeptical.
In this Web Extra you'll find the day's biggest winners and losers. Find out why shares of Ford and Qualcomm popped while Honeywell and Tyson Foods dropped.
Stocks bounced back from a swine flu-induced drop Monday as traders scooped up shares of drug makers and pharmacies.
Bondholders would be "nuts" not take General Motor's offer of 225 common shares for each $1,000 principal amount of notes, billionaire investor Wilbur Ross told CNBC.
Now that GM is putting Pontiac out to pasture, planning to cut another 6 production plants in the U.S., and squeeze out hundreds of dealers, I am hard pressed to see how GM remains #1 in U.S. sales.